Norpe back in profit

A manufacturer and supplier of commercial refrigeration to retailers, including supermarkets and restaurants, has returned to profit after the firm’s former managing director swindled it out of hundreds of thousands of pounds.

A manufacturer and supplier of commercial refrigeration to retailers, including supermarkets and restaurants, has returned to profit after the firm’s former managing director swindled it out of hundreds of thousands of pounds.

Colin Fell was jailed for four and a half years earlier this month after admitting stealing £390,000 between 2003 and 2006 from Stockport based Norpe which was owned by its parent company in Finland, to fund a lavish lifestyle.

Another £170,000 in thefts have also been linked to him, but he has not been charged with those offences because of changes in the law since the crimes were committed.

Directors at the firm have since gone through a management buy-out acquiring the UK arm of the firm and is now wholly owned by its investors, Chris Syddall, Craig Daniels, who also owns Stockport-based Movers Transport who have provided Norpe with its distribution and logistics for over seven years, and existing directors, Kevin Raworth and John Hartley.

Since the MBO in November 2009, the firm, which has 12 staff, has reported that it’s now back in the black after reporting pre-tax profit of £200,000 on turnover of £2.4m at the end of October last year and is targeting revenues of £3m this year.

The firm supplies fridges to Ikea, Wilkinson, the National Trust, WHSmith and Thorntons and last November it started selling back bar refrigeration which is used mainly in bars and restaurants.

Marketing director Chris said: “The business suffered heavy losses because of Colin Fell. It was running at a loss of £400,000, which led to five redundancies as we tried to cope with uncertainty amongst customers.

“We were pleased that Colin was finally sentenced although it took nearly five years for the case to finalise due to his constant denial.

“But we can now finally put all that behind us and concentrate on the future of the business and build on a solid foundation with the existing and long serving staff.”

He added: “We have been working hard over the last two-years to rebuild trust with our customers which we have managed and are now looking at several contracts with companies in the catering and leisure industries.

“The back bar coolers have also done well and now account for 20 per cent or our sales. The growth has also meant that we have been to recruit people again.”

The company has also brought in the warranties and services in-house.

Chris said: “This was a major new development to be able to provide our own in-house spares and warranty service, which were outsourced by previous management. The return of these resources will give sole responsibility back where it belongs within the company.”